Why The Rush To Retire?
Posted on March 27, 2006 by Him and tagged retirement
Many in the pfblog community have a goal in mind - to retire at a young age. Two bloggers want to retire at 50, another says 30, some just want to retire young and wealthy.
Retire@50 says:
When I say retire I simply mean that I don’t want to work because I have to. I want to be able to do whatever I choose to do and know that my investments will be providing me with the day to day money I need.
It doesn't make sense to me. Why do people go through college and then get a job that merely pays the bills? Whatever happened to "get a job you love, and you'll never have to work another day in your life?" She and I spent a lot time and money in college and grad school in order to get the education that we wanted so that we could get a job that we love. Maybe I'm just being a stereotypical member of "Generation Y" or "Generation Debt" or some other lame label, but I don't want to wait until I'm 50 to start "doing the things that I want to do."
Why the rush to retirement? Do you really hate to work that much? Please enlighten me.
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The About Me page says I want to retire when I'm 34 which is roughly 2 years away.
Its not that I hate working[which I do], but rather I enjoy things that either don't pay well or I don't know how to monetize. My thinking is once I'm free from the shackles of my job, I'll be able to spend time with my future kids, read, paint, travel and bum around.
I think my wife and I are in a position closer to yours than to the people you're talking about. Jane and I enjoy our careers and don't plan to retire until we're at least 62, but one of our goals is to get our finances to the point where one or both of us could retire earlier if we wanted or needed to. We want the sense of security and satisfaction that comes with knowing that we're working because we want to not because we have to.
Medicated Money | Mar 28, 2006
In accord with many of the other comments, for us, 'perception is reality.' We spent many years in school (and a lot of money), that to spend only 10-15 years working, one would think it was a horrible decision. However, for us, we hope to one day decided when, where, and how long we work. In today's society, that can only be accomplished with financial security.
Great post and thanks for the mention. First off, I really enjoy what I do. Believe it or not, I'm exactly where I thought I would be doing exactly what I thought I would be doing when I graduated from college almost 8 years ago. Crazy huh, especially when you compare that to what most people say about their job. I found a career that I love and that I could make a decent living doing. Because of this choice we can live wherever we want and I can always find a job, my wife has been able to stay at home and raise our children instead of a daycare raising them for us, and we're still able to set aside money for the future.
I guess I need to clarify a little and say that my motivation for wanting to retire at 50 has nothing to do with hating my job. I just want to have a choice. I want to be different than everyone else. I don't want to be normal. Why? Because normal in America is broke, in debt, and hating to come into work everyday. Normal is driving cars you can't afford and buying a huge house you can't afford to impress people you don't like. I think I'll pass!!
I don't want to retire early so that I can stop working, I want the luxury of doing something that I truly enjoy, but may not compensate me enough to pay the bills.
I don't hate my job, but I wouldn't be doing it if I weren't getting paid. I think I'd enjoy working ski patrol, or wrenching in a bike shop, but those pay just barely enough to survive. By living well below my means now, I hope to be able to live above my income later on.
The problem that some folks have is that they think of retirement as some eutopia. If only I could retire, they think, then The Man wouldn't be on my case all day.
I don't think your views are generational - technically I'm a boomer, but I agree with you 100%.
Good post, btw.
Great topic! In a lot of ways I agree with you. I love my job, and I would have a really hard time spending so many hours of my life doing something I was unhappy with.
But at the same time, there's something inescapably appealing about the idea of being able to devote most my time to whatever I want, regardless of whether it's something I can get paid for. I think that's what a lot of people are thinking about what they talk about retiring early.
Anyway, you inspired me to write my own post about this! It's here.
Many people do jobs they love. However, they tend to be stressed out. Why? Because they are worried about money. If they could get past their financial fears (by having financial freedom), then they could enjoy what they do.
Plus, you cannot really rely on your employer to stick around forever. Unexpected things happen all of the time. It is about piece of mind. And besides that, no matter how much I love my job, I love my family more... having the ability to spend time with them is paramount.
RP | Apr 14, 2006
Well, I was planning a lifetime career, but then life happened. My chosen path was way overpopulated, which sorta killed the whole reason I wanted to go into it (work reasonable hours for a little money just for being really smart). Plus the particular jobs I was gunning for depend on government money, and that dried up just as I was finishing school.
So now I have a job rather than a career, and I'm planning for early retirement. The stuff I want to do and the stuff I find valuable, no one wants to pay for. And I also read "Your Money Or Your Life", which really resonated with me.
i totally agree with you. i wanted to go to school and study fine art but my dad told me i'd starve to death and no one would marry me. so i took up a profession where i could get a stable job instead.
i also didn't know what i was good at 15 years ago. given the choice i'd probably choose marketing or biz finance if i could do it all over again.
Ankur | Jun 19, 2006
I cannot wait to retire early either! It is not so much that I hate working....I just hate being dependant on others for my money. We give up a lot of our time, physically being in the office and also bringing that work home with you. There is a lot of stress and baggage that comes with a job.
I would love to create my day and know that my financial obligations were met. I have a lot of hobbies and I don't have many hours....I cannot wait to retire and just paint, write poetry, read, lay in a hammock, volunteer, hang out at coffee shops and debate with the regulars, garden, travel.....
I try to do many of these things now, but it is not enough.
Also, there is something to be said about not depending on anyone for anything....knowing that you were able to create the life you want by saving often and early.
Scooter | Aug 19, 2006
I just retired this month, at age 55. I didn't neccesssarily want to at this time. But my company because of downsizing gave me a buyout offer I could not refuse. I thought I was ready to retire in a few, three years, but it is still a shock. Financially we're in great shape. My problem is I still have the desire to work but not in the same field I was in. I suppose if a person has to chose between financial or situational problems it's better not to have to worry about money.
Captain Cool | Feb 13, 2007
Today is my 57th birthday. I have been holding down at least one job at a time since age fourteen. Now I want to be able to spend some time doing what I want to do while I still have my health.
If I have to come back to this office for another nine years I will probably loose what's left of my sanity. Some days when I am riding to work, I have the urge to just keep going on my Harley and never look back.
If I could figure out how to get health insurance coverage I would be tempted to start collecting my pension and living off my rental property income. I know this sounds selfish, but sometimes I think enough is enough. It helps keep me going to realize that my house is paid off and at this juncture I could probably get by if I did lose this job.
Retire early? You bet! I've got plenty other more interesting things to do.
I used to think like you both do about my career and working for a long time. I'm 22 and hopefully will be finishing up college this year. However, I took a full-time job in my field for a year and realized that, even when you love something, it's still work. For me, journalism became less and less of a passion as I realized the low pay, long hours and general disrespect journalists are shown. I'd like think there would be something else I could love as much as it sounds like you two love your jobs... But I don't think so.
lpkitten | Mar 27, 2006
i would say yes, i hate work that much. i think people hate their jobs because they are not free. working in itself is not bad but working on someone elses terms...now there is the problem. but i think the goal for retirement in itself is misguided. my goal is to find a job that i love and then and have the freedom to take that job, because often times the problem is what you love does not pay very well and certain things (like paying off debt) become very difficult.
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